Amy Van Wyngaarden

The appellant appealed the property assessment of a commercial building for the 2021, 2022, and 2023 taxation years, arguing the value should be based on its 2020 sale price of $350,000.

MPAC argued for a value of $819,000 based on an average of the income and direct comparison approaches.

The Assessment Review Board rejected the 2020 sale as it was not an unencumbered open market sale and was too far removed from the 2016 valuation date.

The Board also rejected MPAC's averaged value, instead determining a current value of $597,830 based on the mean time-adjusted price per square foot of two comparable sales applied to the Board-determined gross leasable area.